Bitcoin News Today: $8,000 Bitcoin Sinking As the CEO of PayPal Calls Bitcoin a Pump-and-Dump Scheme

bitcoin trading news

Bitcoin’s price continued to drop overnight and it has lost an enormous $880 from its peak value this week. The hope of an increase in value to $10,000 now seems unrealistic, and a co-founder and ousted CEO of PayPal said bitcoin is a colossal pump-and-dump scheme which has never been seen before in the world.

The Current Value of Bitcoin

Presently, Bitcoin is trading at $8,851, with Ethereum dropping down to $629, and the value of Ripple is at $0.81. The ousted CEO and co-founder of PayPal – Bill Harris, made the headlines this morning saying Bitcoin, as well as other cryptocurrencies, are a scam.

He said that Bitcoin is clearly a pump-and-dump game. He also said that a lot of cryptocurrencies are frauds. Ernst and Young estimate that 10% of the funds raised from ICOs has been stolen. He further claimed that bitcoin does not have any value and that losers are uninformed traders that are caught up in the circle of greed. The result is just a huge wealth transfer from ordinary people to promoters of the internet.

SEE ALSO:   What You Should Know About The U.S SEC’s Speech That Changed The Status of Bitcoin and Ether

Marcus Swanepoel’s Opinion

The founder and CEO of Luno – Marcus Swanepoel also gave is his opinion regarding this issue. Mr. Swanepoel said: “To provide an answer to this, we also need to open out to a broad question as to whether Bitcoin, as well as other cryptocurrencies, will ever become a universally accepted and used currency or will it ever challenge the banking system.

The more people invest in Bitcoin because they believe its value will increase, the more connected they are to the new financial system. This will make the system stronger and valuable, and it will also pave way for wider transactional adoption.

SEE ALSO:   Bitcoin Price Today USD - Latest Price Chart Analysis and Bitcoin Price Prediction 2020 - Bitcoin Price News Today -Wed Jun 20

Mr. Harris has a lot of opinion about bitcoin and cryptocurrencies at large, he thinks it’s a complete scam and a total waste of time. But there are lots of people out there that believe in the technology, and they are working to make sure the system lives on.

loading...

Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Llew Claasen: Bitcoin will hit $40,000 and 90% of the cryptocurrencies will fall (Bitcoin Price Predictions 2018) - Bitcoin Price Today –Wed Jun 20

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!